Asia Briefing Business Operational Update

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06 JULY 2022	View in Browser

This week's primary foreign investment news
from our ASEAN, China, India, Russia, Belt & Road and Vietnam Briefings.
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HEADLINES: This week we look at important regulatory changes in China (personal data protection and stamp duty) and India (waste management) that kicked in from July 1st and will impact many investors. We also look at why China's Shenzhen, Vietnam's Da Nang and the top 7 investment destinations in India are so popular with foreign investors, look at getting Vietnam Market Entry strategy just right and examine what was discussed at the important Caspian Sea Summit. Plus - our usual BRI round-up with plenty of opinion about the G7's US$600 billion planned global infrastructure spend.

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CHINA

Investing in Shenzhen: Industry, Economics, and Policy

Often dubbed China’s Silicon Valley, Shenzhen is China’s fastest-growing city. It is ranked by the Chinese Academy of Social Sciences as the mainland’s top city for “overall economic competitiveness” and is China’s premier Special Economic Zone (SEZ) for foreign investment as well as a sub-provincial class city. Shenzhen was declared China’s first SEZ by then-Communist Party (CCP) chairman Deng Xiaoping in 1979. Aided by capital flowing easily from neighboring Hong Kong, the city has since transformed from a small fishing town to a bustling megacity. We showcase what Shenzhen and the SEZ has to offer foreign investors, including it attractive tax breaks and infrastructure.

Cross-Border Data Transfer In China – New Provisions Clarify Contract Procedure for Personal Information Export

New provisions released by China’s cybersecurity authority clarify how companies can transfer personal information overseas by using a streamlined “standard contract” procedure. Under the PIPL, companies are restricted from exporting personal information outside of China without prior approval or signing a contract with the overseas recipient. The new provisions will greatly facilitate cross-border data transfer for foreign companies and multinationals handling small amounts of data. We explain the contract requirements for China data transfer.

China’s New Stamp Tax Laws Took Effect on July 1. Are You Aware Of The Changes?

On June 10, 2021, the Stamp Tax Law was passed by the Standing Committee of the 13th National People’s Congress at the 29th session, and took effect from July 1, 2022. Compared to the Interim Regulations, the Stamp Tax Law maintains most of the current stamp taxation system generally, but at the same time, there are some noteworthy changes, including appropriate simplification of tax items and tax cuts. We explain what these are.

VIETNAM

Why Your Market Entry Strategy Matters in Vietnam

When it comes to investing in Vietnam, foreign investors have been deluged with information on the prospects of the local economy in terms of the long-known indicators such as political stability, a young population, coupled with a fast-growing middle class, trade openness, and so on. These factors together contribute to Vietnam as an attractive investment destination for international businesses looking for market expansion, or supply chain diversification. Nevertheless, the majority of articles on investment in Vietnam have focused on exploiting Vietnam’s economic potential rather than informing foreign investors of major market entry decisions they must be aware of to achieve long-term success.

Why Da Nang Remains Attractive for Foreign Investors

Da Nang continues to remain high on the list for foreign investors looking to invest in the Central Region and even Vietnam. After Hanoi and Ho Chi Minh City, the city has emerged as an attractive investment destination and serves as a gateway to the Central Region, which is rapidly industrializing. We examine Da Nang’s top growth drivers and competitive industries underlining the reasons why it remains an attractive investment destination.

INDIA

Top 7 States for Investment in India: Findings from the Business Reforms Action Plan

The top 7 states in India based on ease of doing business parameters are Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Telangana, and Tamil Nadu as per the Business Reform Action Plan (BRAP) 2020 report released by the central government on June 30. Findings in this fifth edition of the report are completely based on multilingual feedback from users at ground level. Andhra Pradesh (1) and Telangana (3) featured among the top performing states in the 2019 BRAP report as well. Such reports can thus provide foreign investors with trackable data and showcase the consistency of respective states on delivering on key policy measures based on proposed reforms.

India’s New Plastic Waste Management Rules Effective from July 1, 2022

Businesses in India need to comply with new plastic waste management rules that ban single use plastic from July 1, 2022. Noncompliance will trigger penal consequences. The products affected include ear buds with plastic sticks, plastic sticks for balloons, plastic flags etc. Plastic packaging waste shall now be collected and managed in an environmentally sustainable way through the Extended Producer Responsibility (EPR) of the producer, importer, and brand owner. The single use plastic ban will be closely monitored by the Central and State Pollution Control Boards and directives have been issued at the national, state, and local government levels to not supply raw materials to industries that operate in banned items.

EU-ASIA SUPPLY CHAINS

The Caspian Nations Summit 2022

While the EU has closed its borders and ports with Russia, they may have misjudged the connectivity implications. Rather than EU-China freight passing EU-Russia-Kazakhstan-China, with that route now disconnected, the alternative southern route EU-Georgia/Turkey-Azerbaijan-Kazakhstan-China has now come to the fore. The issue here for the EU is that Russia is a powerful Caspian Sea nation and a member of the Caspian Littoral States group, which includes the “Caspian Five” – Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. The EU simply doesn’t have a seat at the Caspian table, yet the Caspian routes from Azerbaijan’s Baku Port east to China, India, the Middle East and Southeast Asia are critical components of EU imports and exports with Asia.

BELT & ROAD INITIATIVE

Belt and Road Weekly Investor Intelligence #88

All the latest investment news and supply chain movements from across China’s BRI with special focus on the G7’s planned US$600 billion infrastructure spend.

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UPCOMING EVENTS IN THIS MONTH

RCEP: Opportunities for Hong Kong and the Greater Bay Area

Webinar | Thursday, July 7, 2022 | 11:00 AM China / 10:00 AM Vietnam

Vietnam's Key Investment Industries and Destinations 2022 - Part 3: Vietnam's Manufacturing Industry - Hot Spot Dong Nai

Webinar | Thursday, July 14, 2022 | 3:00 PM Vietnam / 4:00 PM China / 10:00 AM CET

China Cyber and Data Security Compliance – What Your Business Needs to Do

Webinar | Wednesday, July 20, 2022 | 9:00 AM PDT / 12:00 PM EDT

Talent Acquisition in a Post Covid World

Webinar | July 28, 2022 | 2:30 PM India Time / 4:00 PM Vietnam Time / 5:00 PM China Time

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